Duke University basketball legend Christian Laettner faces bankruptcy after several creditors collectively owed $14 million filed an involuntary chapter 7 petition against him last week.

The nature of Mr. Laettner’s debts weren’t described in the eight-page petition filed Tuesday in U.S. Bankruptcy Court in Durham, N.C. A 2012 profile in The Wall Street Journal noted that Mr. Laettner and his business partner in several real estate deals faced civil lawsuits seeking repayment of loans valued at about $30 million,...